Tuesday, June 30, 2009

Ohio Puts Amended Rule In Place To Identify ‘Hazardous’ Insurers

The Ohio insurance department will put in place amendments to the Hazardous Financial Condition Rule (3901-3-04) that it says will facilitate the department’s surveillance of the financial condition of insurers by setting out standards which the superintendent can use to identify insurers whose condition of their business is hazardous to policyholders, creditors or the general public. The rule was finalized on June 25 and is expected to become effective on July 5. A public hearing was held on May 21. More to come when the final rule is posted.

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